- Big Tech has a stranglehold on the AI sector.
- Fetch.ai, SingularityNET, and Ocean Protocol seek to challenge Big Tech’s dominance by merging operations.
- The crypto firms have announced token swap details for the new ASI token.
Amid the rapid advancement of artificial intelligence (AI), concerns have risen over its potential consequences, including its concentrated control by Big Tech firms.
In a bid to counter Big Tech’s grip on AI, Fetch.ai (FET,) SingularityNET (AGIX,) and Ocean Protocol (OCEAN) proposed joining forces to democratize AI development and decentralize access in March. The resulting Artificial Superintelligence Alliance (ASI Alliance) has now revealed the final merger details, including information on token swaps.
AI Crypto Super Alliance Ready to Go
Fetch.ai, SingularityNET, and Ocean Protocol released the final details of their merger to create the ASI Alliance, as they attempt to tackle Big Tech’s dominance of the AI sector.
The respective tokens of each project will be converted to the new ASI token. FET will be renamed ASI with a total supply of 2.63055 billion tokens. Existing FET tokens will be converted to ASI at a 1:1 rate, while AGIX and OCEAN will be converted at rates of 0.433350:1 and 0.433226:1, respectively.
As of Tuesday, the proposed token conversions gave ASI a fully diluted market cap of $6 billion. Fully diluted market cap refers to the total value of ASI when considering its entire supply of tokens.
Humayun Sheikh, CEO and founder of Fetch.ai, commented that combining the three projects would help greatly in establishing a fairer AI sector. However, Skeikh conceded that “we have a long way to go.”
Aside from challenging Big Tech, ASI also intends to develop Artificial General Intelligence (AGI,) which can be summarized as software that has human-like intelligence and quality, including the ability to self-teach.
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